Editor’s note: This article was first published in May 2013, during the economic crisis. The Capital Bikeshare figures (more than 1,500 bikes at more than 170 stations, an annual membership of about $75, roughly $2 per half hour) and its expansion plans are from 2013; the author presents the half-hour price as an estimate.
Which businesses have succeeded in different cities around the world? When the crisis hit, some industries took a beating: shops closed and others are getting by as best they can. But some entrepreneurs turned to innovation. Here are 5 business ideas that entrepreneurs decided to launch during the crisis and that are doing well today. It’s worth considering whether any of them could work in your country.
1. A bar where drinks are traded like stocks (the New York Stock Exchange)
This bar has a unique pricing strategy: the drinks are traded. In other words, the drinks behave like shares, and their prices move with supply and demand, just as on the stock market. A very original idea, no doubt. I’d love to see how the bears go about getting cheaper beer 🙂
2. Bike sharing (Capital Bikeshare)
Capital Bikeshare has more than 1,500 bicycles parked at more than 170 stations around the city. When users get off the train or subway, they just grab a bike and drop it off at the station closest to where they’re going. There are different membership options, ranging from one day to a full year. An annual membership costs around $75. If you only ride occasionally, you’re charged just for the time you use the bike, which I believe is about $2 per half hour. This business has been very profitable, and the company plans to expand across the United States, since customers save a lot with the service, although taxi drivers may not be so happy about it. A good idea, without a doubt.
3. Event management and promotion (EventFarm)
Two young entrepreneurs decided to start a company, which runs about 90% online, to promote events and handle ticket sales. Companies and organizations often want to put on an event. That takes time, money and a lot of promotion, on top of planning the event itself. This company was born to spare them all that hassle, and the client spends the same amount of money or less. Today these entrepreneurs are practically a benchmark in their city, where government bodies as well as private companies don’t hesitate to hire them.
4. Ice cream with original flavors (Dolcezza)
Getting into the ice cream business and competing with the big franchises is anything but easy, but that wasn’t a problem for Dolcezza, because they offer flavors they call homemade that you won’t find at any other ice cream parlor. Would you like cucumber, tomato or grape ice cream… or would you rather have a gin and tonic sorbet? You’ll find more than 200 flavors like these at Dolcezza.
5. An “all-in-one” café (Sankofa Distribution)
This company started out distributing films, but with the crisis and piracy it had to reinvent itself. It has become a bookstore, café and cultural center that screens films and gives artists a place to exhibit and musicians a chance to get known, among other things. The result is a full house 12 hours a day. It’s also a restaurant, by the way.
These 5 ideas have become profitable businesses because they are original, because they are innovative and, above all, because most of them meet a real need of their customers.
Further reading
- More business ideas: businesses you can run without a storefront
- 6 business ideas for young entrepreneurs (and not-so-young ones)
- Micro-business ideas for homemakers, students and more
- 18 business lessons you’ll learn sooner or later
- Businesses that work in a crisis
Featured image: MB-one, CC BY-SA 3.0, via Wikimedia Commons.
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